St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-21
OUT OF BRICKS

Unfortunately for the schemerS the
pocket was exhausted and the supply of
golden eggs stopped just at the time
when the pool expired, and about 140,-
600 shares were thrown on the market.
Efforts were redoubled to keep up an
pearances and unlimited promises were
made; the press of DeadwOod did some
of the most whole-Souled and enthusiasts
tic romancing that local paper ever
did to ''hclp the town." The directors
began quietly to unload. Brokers were
sent through the camps to work Off
stock, but they found everybody more
willing to sell since the outlet had
stopped. One of the directors, it is mar
rated, quietly went into the mine and
thoroughly Investigated the situation.
That night Fox, treasurer of the COM
pany, and one of the heaviest share
holders, caught off the telephone an Of
fer from this director to sell at about 81
under the market. 1t made him shot, ,,
and he mounted the steps of the Aler-
chants National bank, where brokers
most do cOngfesate, and loudly offered
Iron Hill down, down even to 81, and so
rang down the curtain on the boom of
'S6. Iron Hill went to 80 cents, seggre-
gated to nothing; the former is now
S1.75; the latter, nOminally. 6 cents.
WHO MADE AND W dO
An old broker who kept his head
through all this, and bought not a share
of Iron Hill, said: Those Iron Hill
periodical epidemicS. Everybody won
ders now why he took stock in deal
where all facts were carefully coils
ceaied; went blind on the statements of
men who were eXtrayagautly booming
stocks that We're all the fine selling and
not buying; made 81 regular hippodfome
of it. Why, everything about that
movement would now be. deemed Sus-
piciOuS, and would have been two years
before.
Chow could it dcIude so many, then?"
SIT was managed by the best men in
DeadwOod, men who had for years stood
high in public confidence. They capt.
talized their regulations in the deal !;
hypothicated their future success. Poo
pie banked on their statements. L be-
cheap, for the market broke so
suddenly and completely that
they couldn't unload. And ] don't be-
lievc very much money was lost by any
body, because all expected the stock to
go to $40, and hung to it until it WAS too
late to sell; while the NEST of them got
the sock ut about what it is now OF
eventually will be worth. They've lost
the fortunes they did not make, that's
all. The mining interests of the coun-
try are injured more than in ividuai
losses. Besi,es the tiiScredit it has given
Black Hits sto ks IL his done greater
harm By undermining confidence IN
black Hills capitalists and representa-
tive men, especially among our own
people. There never viii, you can
safely bet, DC another mining boom
based CT the representations OF any man
or set of men. 1t will take dividends to
ia hercaitrr. Mr.. MIliet In his letter
challenges the managers If Iron Hill TO
controversy and Investigation. lie
left the country to take charge oil nin-
Ing operations In Buc,ioS Ayres for a
wealthy English company, at 4 pay that
! Is said 10 be very rcmunerativc. The
English company, besides coming 10
this country for an engineer ami siITer-
intcndent, have complimented American
| mechanical skill by ordering from a
Chicago works the entire plant Tor their
South American mines. TWICEuor.